Money 20/20: Singapore Central Bank Confirms International Blockchain Payment Plans

Singapore’s central bank reaffirmed its commitment to using Blockchain for international payments in an official speech March 15.

Speaking during the Money20/20 Asia conference which finished on the same date, Monetary Authority of Singapore (MAS) managing director Ravi Menon told an audience that the city-state’s Blockchain plans, dubbed ‘Project Ubin,’ will “solve the challenge” of increasing efficiency in the arena.

“One of the potentially strongest use cases of crypto tokens is to facilitate cross-border payments in traditional currencies,” he said.

“This is the challenge that Singapore’s Project Ubin has set itself to solve:

  • to use blockchain technology to enable entities across jurisdictions to make payments to one another:
  • without intermediaries;
  • with greater speed and efficiency; and at lower risk and cost.”

Both Singapore’s government and MAS have long been collaboratively bullish on Blockchain’s potential while creating a similarly enabling environment for cryptocurrency businesses…

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